Word: dhabi
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...ongoing project in Abu Dhabi to develop a standoff land-attack missile system for the emirate's fleet of Mirage 2000s is being financed by B.C.C.I...
Rahman's charges were far from the only ones leveled last week against B.C.C.I., which was shut down in July in most of the 69 countries where it operated. From Abu Dhabi to Zimbabwe, the repercussions of the bank scandal gathered force amid a new surge of allegations, investigations and financial distress. The depth and breadth of the mess prompted fresh questions about what government regulators should have done to prevent B.C.C.I. from growing into the largest corporate criminal enterprise in history. The major developments...
...Arabs often see no need for such records, financial experts say, because they trust leaders such as Sheik Zayed bin Sultan al-Nahayan, the ruler of Abu Dhabi who controls 77% of B.C.C.I., to stand behind their debts and those of their subjects. And they see no need to keep records for the taxman, since the six Arab states in the gulf collect no taxes...
...London court halted the liquidation of B.C.C.I.'s British branches until December to give Sheik Zayed bin Sultan al-Nahayan, the ruler of Abu Dhabi who acquired control of B.C.C.I. last year, a chance to rescue depositors and develop a plan to reopen a cleansed and scaled-down version of the global bank. Zayed immediately put up $84 million to help rescue the 120,000 British customers who had entrusted $400 million to B.C.C.I...
...million in the bank. The outraged victims of the shutdown, who included Indian and Pakistani families and some 30 municipalities, stood to receive just 75% of their money, up to a maximum of about $25,000. But Sheik Zayed bin Sultan al-Nahayan, the ruler of Abu Dhabi who acquired control of B.C.C.I. for $1 billion last year, was still fuming because the clampdown shuttered the bank without warning just as he was planning to restructure it. "He will do nothing unless there is incredible political pressure that he simply cannot resist," says a highly placed Arab banker...